Teva Pharmaceutical Industries Limited · TASE:TEVA
Teva Pharmaceutical Industries — Q2 2026 Earnings Presentation
74 slides from Teva Pharmaceutical Industries's earnings presentation, Jul 29, 2026
Slide 1: Teva Pharmaceutical Industries Ltd. Q2 2026
July 29, 2026 Teva Pharmaceutical Industries Ltd.
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our futu
Slide 3: Business update
1 Business update President and Chief Executive Officer 3|
Slide 4: Agenda
1 Business update President and Chief Executive Officer 2 Pipeline update EVP, Global R&D & Chief Medical Officer 3 Financial update 4 Conclusion and Q&A EVP, Chief Financial Officer 4|
Slide 5: Pivot to Growth strategy pillars
Deliver on Step up Sustain generics Focus our growth engines innovation powerhouse business 5|
Slide 6: Q2'26 results
Q2’26 as Q2’26 reported Emalex impact Revenues -3% Non-GAAP +80bps Q2’26 Gross Profit Margin -62% results Adjusted EBITDA Non-GAAP EPS -97% Free Cash Flow 31% Net Debt / EBITDA all compared to Q2 2025; revenue growth In local currency; 6| Free cash flow includes cash flow from operating activities,
Slide 7: Revenues
Key innovative brands collectively grew 43%) $696M, 40% $77M, 43% Revenues $244M, 56% -3% $2,103M, -15% Global generics % growth In local currency, all compared to Q2 2025. Refer to Revenues by Activity and Geographical Area slide in Appendix for detailed revenue data by reporting segments ; 7| In l
Slide 8: AUSTEDO revenue outlook update
$2,450M - $2,600M revenue outlook update (from $2,400M - $2,550M) Continued growth of AUSTEDO U.S. revenue U.S. revenues of $676M, +37% YoY in AUSTEDO quarterly sales in $M Q2’26 ($696M global, +40% YoY) +37% U.S. AUSTEDO growth driven by combined effects of TRx and AUSTEDO XR® 800 penetration (>60%
Slide 9: UZEDY revenue outlook update
$270M - $290M revenue outlook update (from $250M - $280M) Continued growth of UZEDY U.S. revenue UZEDY quarterly sales in $M Revenues of $77 million in Q2’26, +43% YoY, and continued growth +43% U.S. of TRx MoT, +63% YoY 90 80 77 TRx growth driven by increased 70 63 volume per prescriber and expansi
Slide 10: First and only subcutaneous monthly LAI
First and only subcutaneous monthly LAI meets critical patient need Significant U.S. market High unmet Olanzapine LAI Proven market opportunity need differentiated offering experience ~2.2M1 67% of patients orally treated were non-adherent Subcutaneous, monthly dosing long-acting Deep understanding
Slide 11: AJOVY revenue outlook update
$850M - $870M revenue outlook update (from $750M - $790M) Quarterly Global Net Sales Global revenues of $244 million in Q2’26, +56% YoY AJOVY #1 in1: +56% Total αCGRP in >50% of markets Injectable αCGRP in >60% of markets 244 U.S: #1 preventive injectable αCGRP in new 211 IM prescriptions across lea
Slide 12: Tourette syndrome unmet need, ecopipam opportunity
Tourette syndrome unmet need ecopipam differentiated opportunity Expected first-in-class selective D1 antagonist for Tourette Syndrome living with this debilitating condition in the US in 2026 Data show durable efficacy with favorable safety profile in pediatric patients implying significant persist
Slide 13: Potential trajectory of our pipeline
By 2035 2030 Strengthened Innovative Portfolio TODAY New assets (incl. BD) TSLP/IL-13 Anti IL-15 Vitiligo Anti IL-15 Celiac Growing share of duvakitug HS duvakitug FSCD Innovative revenues Anti IL-15 add'l indications duvakitug UC duvakitug CD duvakitug UC duvakitug CD 3 established DARI emrusolmin
Slide 14: Late-stage pipeline assets
Late-stage pipeline assets Peak sales Estimated Ambition to grow and accelerate pipeline Targeted submission potential1 Market size2 olanzapine LAI Preparing for launch Schizophrenia LAI franchise ecopipam (EBS-101) Tourette Syndrome Preparing for launch DARI (ICS-SABA) Enrollment completed for Asth
Slide 15: Teva revenue trajectory
Teva revenue trajectory 4-years CAGR illustrative ($B, % of total, % growth) Mid-single digit (2022-2026E) growth% FY’26 outlook ~6% Total Innovative $16.5-$16.85 Non-Innovative $14.9 22% ~40% Innovative 9% 91% 78% -1% Non-Innovative 2022 2026E 2030+ Gross 54.5% 54% >60% Margin (%) - 55.5% Innovativ
Slide 16: Global Generics
Global Generics: down 15% Q2’26 vs. Q2’25; 2-year -9% CAGR1, mainly driven by Gx Revlimid® -20% +7% +2%1 +15% -31% -4% +15% -1% $1,040 $1,024 $961 $660 $410 $419 Q2-25 Q2-26 Q2-25 Q2-26 Q2-25 Q2-26 United States Europe International Markets % growth in local currency, compared to Q2 2025 16 | Gx Rev
Slide 17: Biosimilars launches
Reflecting operational readiness dates, subject to regulatory approval 2031+ ’28-’30 TODAY 2027 15 assets in market $8B $58B originator value4 originator value4 Teva Biosimilar business is Bx Simponi® Bx Entyvio® one of the fastest-growing (golimumab)5 (vedolizumab)5 Non-exhaustive list of launches
Slide 18: Financial targets through 2027
Revenue growth Operating income Net debt / adjusted Cash-to-earnings2,3,4 (CAGR ’23 – ’27) margin1,2 EBITDA2 Mid-single digit % 30% 2.0x 80% 1. Operating income margin = Non-GAAP operating income divided by net revenues; excluding potential impact of business development deals depending on timing 2.
Slide 19: Pipeline Update
2 Pipeline Update Executive Vice President, Global R&D & Chief Medical Officer 19 |
Slide 20: Late-stage pipeline assets
Late-stage pipeline assets Peak sales Estimated Ambition to grow and accelerate pipeline Targeted submission potential1 Market size2 olanzapine LAI Preparing for launch Schizophrenia LAI franchise ecopipam (EBS-101) Tourette Syndrome Preparing for launch DARI (ICS-SABA) Enrollment completed for Asth
Slide 21: Preparing for Launch, pending regulatory approval
Preparing for Launch, pending regulatory approval olanzapine LAI SC updates On track for FDA action in Q4’26 EU MAA accepted, Q2’26 5 abstracts presented in June 2026: 2 at Psych Elevate 3 at PAGE LAI = Long Acting Injectable; MAA = Marketing Authorisation Application 21 | Note: SteadyTeq® is Teva's
Slide 22: Ecopipam key highlights
Change in Tic Severity Over 12 Weeks1 Key Highlights Novel Mechanism of action, D1 antagonist Tic-score reduction High unmet medical need for durable and well tolerated therapies Time to Relapse Over 12 Weeks2 66% of patient is Phase 3 follow up study completed 1 year of treatment with sustained tic
Slide 23: DARI Phase 3 FLAIR study
>80% of events achieved to date The case for dual-action rescue Phase 3 FLAIR Study Asthma narrows airways from inflammation & smooth-muscle constriction DARI dual action targets both drivers of airway obstruction in asthma Illustrative 2,700+ patients example device Moderate-to-severe asthma; Bronc
Slide 24: RELIEVE Duvakitug Phase 2b Study
RELIEVE Ulcerative Colitis & Crohn’s Disease Duvakitug Phase 2b Study
Slide 25: Duvakitug Phase 3 program
UC Phase 3 Program • Studies for additional indications initiating in 2026 • Hidradenitis Suppurativa (HS) to unlock non-T2-based indications CD Phase 3 Program • Fibrostenotic Crohn’s Disease (FSCD) to unlock fibrotic indications and expand IBD presence Induction Maintenance Open-label Feeder duvak
Slide 26: TL1A in Hidradenitis Suppurativa
TL1A is overexpressed in HS, making duvakitug positioned to target multiple pathways (Th1 & Th17). TL1A amplifies inflammation, neutrophil recruitment & tissue damage Painful, inflamed nodules, abscesses, HS disease progression tunnels, and scars form in skinfolds1 Inflammatory Sinus Tracts & Scarri
Slide 27: TL1A in Fibrostenotic Crohn's Disease
TL1A’s potential direct anti-fibrotic activity could transform Fibrostenotic Crohn’s Disease (FSCD) Chronic inflammation scars the gut wall as activated fibroblasts overproduce Normal gut wall Fibrostenotic stricture collagen, narrowing the intestinal lumen.1 Symptoms: cramping, nausea, vomiting, bl
Slide 28: Facial vitiligo improvement with anti-IL-15
~75% of patients reported improvement in their facial vitiligo Differentiated treatment with 2 Subcutaneous doses of TEV-’408 12 weeks apart Two patients scored themselves “very much improved”; Patient photos removed to protect the patient's privacy Patient photos removed to protect the patient's pr
Slide 29: Anti-IL-15 response rates vs JAK inhibitor
Response Rates for anti-IL-15 (TEV-’408) Compare Favorably with a JAK Inhibitor in Development at 24 Weeks TEV-53408 Upadacitinib Response Rates Phase 1b Week 24 Phase 2 Week 24 N=38 N=47 N=43 Study Population F-VASI ≥ 0.5 OR T-VASI ≥ 5 F-VASI ≥ 0.5 AND T-VASI ≥ 5 Dosing SC q12 weeks Oral 11 mg dail
Slide 30: Blocking IL-15 in Celiac Disease
Blocking IL-15 Potentially Restores Gut Architecture in Celiac Disease Healthy gut Celiac disease Anti-IL-15 therapy Stomach Villi Brush border Villous atrophy ↑ IELs Villi restored Large IL-15 ↑ drives IEL attack intestine Goblet cells Small intestine Quiescent IELs Crypt hyperplasia Inflammation C
Slide 31: Key anticipated milestones for 2026
Assets Key anticipated milestone for 2026 Timing duvakitug UC/CD Phase 2 maintenance data H1’26 ecopipam Filed with the FDA H1’26 Vitiligo Phase 1b topline results H1'26 Anti IL-15 Celiac Phase 2a topline results H2'26 DARI Targeted completion of pivotal Phase 3 studies H2'26 (ICS/SABA) emrusolmin P
Slide 32: Financial update
3 Financial update Executive Vice President, Chief Financial Officer 32 |
Slide 33: Strong innovative growth driving Q2'26 results
Strong innovative growth driving Q2’26 results Clear path to 30% OPM by 2027 driven by Transformation Programs savings and growth/mix effect, despite gRevlimid impact Steady execution against our Capital Allocation strategy, acknowledged by rating agencies – incl. IG rating by Fitch 33 | OPM = Non-G
Slide 34: Emalex acquisition key terms and financial impact
Key Terms Financial Impact Upfront Cash Financing considerations $700 million Consideration • Acquisition financed with cash on hand • Balance sheet remains strong Potential Future Royalties + up to $200 Consideration million in milestones1 Expected impact to 2026 outlook2 • Lowers non-GAAP operatin
Slide 35: Q2 2026 GAAP and non-GAAP results
Q2 2026 $ millions, except EPS Q2 2026 Q2 2025 ΔYoY* Q2 2026 Q2 2025 ΔYoY* Emalex impact GAAP Non-GAAP Revenues 4,142 4,176 -1% 4,142 4,176 -1% Gross profit 2,153 2,102 +2% 2,293 2,278 +1% Gross profit margin 52.0% 50.3% +165 bps 55.4% 54.6% +80 bps Operating income (loss) (231) 455 -151% 375 1,133
Slide 36: Growing operating profit and margin 2024-2027
Growing OP$ and OPM every year 2024-2027 (in %) 2025 +330-440 bps 30% Growth and mix effect driving margin expansion 25.6 – 26.3% 26.7% 2026 (+125 - 200bps YoY) Accelerated transformation offsetting Gx Revlimid® impact, innovative growth driving expansion 2027 (+125 - 250bps YoY) Gx Revlimid® revenu
Slide 37: H1'26 vs H1'25 revenue and OPM
H1’26 vs. H1’25 Revenue H1’26 vs. H1’25 OPM $8.0bn $8.1bn 25.8% 24.4% 16.4%* -8.9% H1 20251 Gx Revlimid® Innovative and H1 2026 H1 2024 H1 2025 GM% OPEX% Emalex % H1 2026 Bios Growth & Mix OP = Non-GAAP Operating Profit; OPM = Non-GAAP Operating Profit Margin 37 | Gx Revlimid® refers to lenalidomide
Slide 38: Cash conversion and debt reduction
Continuous debt reduction since 2019 Driving down financial expenses NWC % of revenues Net debt ($B) Net Debt / EBITDA Total net financial expenses (in $M) 865 24.9 15.9% 5.3x 11.9% 12.9* 350-650 6.6% 2.84x* 2.0x 1.8% 2019 2024 Q2’26 2030 2019 Q2’26 2027 2019 Q2’26 2027 2027-2030 2025 range Creating
Slide 39: Credit rating upgrades
May 2026 December 2025 December 2025 Upgraded rating to BBB- Upgraded rating to BB+ Affirmed Ba1 rating with stable outlook with stable outlook revised to positive outlook (from stable) Gross Debt $16.6B Net Debt $12.9B* Duration 5.13 WAC ~4.8% Net debt = gross debt – cash balance 39 | * Q2 2026 Tev
Slide 40: 2026 outlook
2025 2026 Excl. duvakitug April 29 Outlook July 29 Outlook (Including As Reported1 Emalex Impact milestones & Japan BV2 (Including Emalex) Emalex) Revenues3 $17.3B $16.7B $16.4 - $16.8B $16.5 - $16.85B AUSTEDO ($m) 2,260 2,400 - 2,550 2,450 - 2,600 AJOVY ($m) 673 750 – 790 850 – 870 UZEDY ($m) 191 2
Slide 41: Capital allocation priorities
Better alignment of debt maturities with 1 FCF and reaching 2.0x leverage Cash flow from operations Increase S&M to support Innovative 2 franchise growth Continue investments in Innovative R&D and 3 potential value-creative Business Development Portfolio optimization 4 Return capital to shareholders
Slide 42: Transition to ordinary share direct listing
Streamlined approach allows for broader group of potential shareholders and, ultimately, a lower cost of capital for Teva Teva will transition from ADSs Key Dates & Facts traded on the NYSE to ordinary share direct listing on both the NYSE Last Trading Day of ADSs on NYSE: Friday, Sept. 11, 2026 and
Slide 43: Conclusion & Q&A
4 Conclusion & Q&A President and Chief Executive Officer 43 |
Slide 44: Growth phases and peak sales potential
2028+ 2025 - 2022 2027 Sustain growth - 2024 AUSTEDO: >$3B peak sales1 AJOVY: ~$1B peak sales LAI Franchise : $1.5-2B peak sales1 Accelerate growth Ecopipam (EBS-101) AUSTEDO: >$2.5B (in '27) duvakitug: $2-5B peak sales1,2 DARI: $1B peak sales1 AJOVY emrusolmin: >$2B peak sales1 LAI Franchise (UZEDY
Slide 45: Conclusion: Q2'26 summary
Strong Q2’26 results, led by innovative and biosimilar growth Near-term value-unlocking pipeline milestones Pipeline progressing at speed Steady execution against our Capital Allocation strategy 45 | % revenue growth In local currency
Slide 46: Q&A
Q8A
Slide 47: Innovative and Biosimilar Pipeline
teva Innovative and Biosimilar Pipeline
Slide 48: Innovative medicine pipeline by development stage
Under Regultory Preclinical Phase 1 Phase 2 Phase 3 Review TEV-’279 Anti-IL-15 Anti-IL-15 Dual Action Rescue Olanzapine LAI Neuroscience (TEV-’408) (TEV-’408) Inhaler (DARI) (TEV-’749)2 Vitiligo Celiac TEV-’288 ICS/SABA4 Schizophrenia Neuroscience TEV-’192 (TEV-’248) Immunology & Asthma TEV-’325 Emr
Slide 49: Biosimilar pipeline
Under Regulatory Select Commercial Preclinical Clinical Approved Review Biosimilar Products Biosimilar to Biosimilar to TEV-’285 TEV-’2921 Simponi® Prolia® 6 (golimumab)1 (denosumab)5 TEV-’289 Biosimilar to Entyvio® SC Biosimilar to 6 TEV-’2951 (vedolizumab)1 Simponi Aria® (golimumab)1 TEV-’2961 7 T
Slide 50: Additional Information
teva Additional Information
Slide 51: H1 2026 GAAP and non-GAAP results
H1 2026 $ millions, except EPS H1 2026 H1 2025 ΔYoY H1 2026 H1 2025 ΔYoY Emalex impact GAAP Non-GAAP Revenues 8,124 8,067 +1% 8,124 8,067 +1% Gross profit 4,124 3,979 +4% 4,401 4,332 +2% Gross profit margin 50.8% 49.3% +145 bps 54.2% 53.7% +47 bps Operating income (loss) 421 975 -57% 1,331 2,079 -36
Slide 52: Q2-26 income statement
$ millions, except EPS Q2-26 Q2 2026 Margins Q2-25 Q2 2025 Margins Change Revenues 4,142 4,176 (1%) COGS 1,989 48.0% 2,074 49.7% (4%) Gross profit 2,153 2,102 2% Gross margin 52.0% 50.3% +165bps R&D 970 23.4% 244 5.8% N/A S&M 717 17.3% 654 15.7% 10% G&A 317 7.7% 305 7.3% 4% Legal settlements and los
Slide 53: H1-26 income statement
$ millions, except EPS H1-26 H1 2026 Margins H1-25 H1 2025 Margins Change Revenues 8,124 8,067 1% COGS 4,000 49.2% 4,088 50.7% (2%) Gross profit 4,124 3,979 4% Gross margin 50.8% 49.3% +145bps R&D 1,191 14.7% 490 6.1% N/A S&M 1,413 17.4% 1,276 15.8% 11% G&A 621 7.6% 603 7.5% 3% Legal settlements and
Slide 54: FX effect on results
Q2 Q2 FX Diff net H1 H1 FX Diff net $ millions Diff Diff 2026 2025 Effect FX 2026 2025 Effect FX Revenues 4,142 4,176 (34) 85 (119) 8,124 8,067 58 304 (247) Gross Profit GAAP 2,153 2,102 51 54 (3) 4,124 3,979 146 178 (32) Gross Profit Non-GAAP 2,293 2,278 15 54 (39) 4,401 4,332 69 178 (109) Operatin
Slide 55: Quarterly revenues and margins
4,711 4,480 $ millions 4,332 4,229 4,164 4,176 4,142 3,982 3,891 3,819 60.3% 52.9% 53.7% 54.8% 52.8% 54.6% 55.3% 52.9% 55.4% 51.4% 32.5% 28.0% 27.6% 27.1% 28.9% 23.4% 25.3% 24.3% 24.0% 9.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Revenues Non-GAAP Gross Pr
Slide 56: Revenues by segment and product
$ millions Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 U.S. Segment 1,786 2,090 2,278 1,534 1,702 Generic products 961 1,175 673 612 660 AJOVY® 63 73 105 87 116 AUSTEDO® 495 601 725 559 676 BENDEKA®/TREANDA® 40 35 35 27 28 COPAXONE® 62 62 77 62 61 UZEDY® 54 43 55 63 77 Other(1) 111 101 608 123 84 Europe Segment 1
Slide 57: Non-GAAP net income, operating income and EPS
$ millions, EPS in $ 1,532 1,294 1,214 1,168 1,133 1,056 946 956 892 1,130 910 798 816 769 697 602 621 548 0.96 375 0.69 0.71 0.66 0.78 0.48 0.61 0.52 0.53 21 0.02 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Non-GAAP Net Income Non-GAAP Operating Income Non-GAAP E
Slide 58: Q2 operating income bridge by segment
$ millions -758 (-67%) -785 (-69%) 1,133 775 375 3 25 12 Q2-25 Q2 25 US US EU IM IM Other Other Q2-26 Q2 26 58 | Commencing January 1, 2026, Anda is no longer reported under our United States segment. From that date, Anda is reported as part of Other Activities. Prior period amounts were recast to r
Slide 59: H1 operating income bridge by segment
$ millions -748 (-36%) -780 (-38%) 2,079 785 76 7 31 1,331 H1 25 US EU IM Other H1 26 59 | Commencing January 1, 2026, Anda is no longer reported under our United States segment. From that date, Anda is reported as part of Other Activities. Prior period amounts were recast to reflect this change.
Slide 60: Operating income by segment
$ millions 1,532 70 (5%) 1,294 308 (20%) 95 (7%) 1,133 74 (6%) 303 (23%) 956 65 (7%) 364 (32%) 401 (42%) 1,170 (76%) 375 927 (72%) 99 (26%) 699 (62%) 507 (53%) 367 (98%) -3 -31 -16 -16 -16 (0%) (-2%) (-1%) (-2%) -76 (-4%) (-20%) Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Revenues 4,176 4,480 4,711 3,982 4,142 Ot
Slide 61: COGS and OPEX
+806 (+13%) In local currency +599 (+10%) +725 (+24%) In local currency +666 (+22%) 6,793 5,988 3,767 $ millions 3,043 3,723 (55%) 3,735 1,849 (62%) 1,898 (49%) (62%) 1,918 2,253 3,070 1,145 (51%) (38%) (38%) (45%) COGS OPEX Q2-25 Q2-26 H1-25 H1-26 Revenues 4,176 4,142 8,067 8,124 GP% 54.6% 55.4% 53
Slide 62: Adjusted EBITDA
$ millions 1,637 1,394 1,233 1,041 1,055 474 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Please see our press release reporting our financial results this quarter for a reconciliation of Adjusted EBITDA to its nearest GAAP equivalent 62 | Figures include the development milestone payments of $50
Slide 63: Free cash flow
$ millions 2024 Total: $2,068m 2025 Total: $2,396m H1 2026: $810m 1,298 922 790 622 476 515 324 188 107 32 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securi
Slide 64: EBITDA to free cash flow bridge
$ millions -578 (-48%) (253) 474 (162) 55 (59) (92) (2) 4 (104) (275) 311 726 622 411 Non-GAAP Interest Tax payments ΔA/R ΔInventory Legal ΔA/P & Other ΔSecuritization Operating Securitization Asset sales, Free cash flow EBITDA payments, net settlements paid cash flow reclass net; Capex gross 64 | Q
Slide 65: Cash conversion above 80%, unlocking capital
Sustaining cash conversion above 80% while unlocking capital of ~$1.7B NWC % of revenues Cash generation Cash Conversion excl. 92% 89% ~100% ~100% 15.9% legal settlements Scheduled Legal 11.9% ~0.4 ~0.6 <0.7 <0.6 settlements $bn 6.6% >3.5 1.8% Free Cash Flow 2.4 >2.7 2.2 $bn 2019 2024 Q2’26 2030 ‘22
Slide 66: Balance sheet
$ billions June 30, 2026 March 31, 2026 Diff Cash and Cash Equivalents 3.7 3.7 (0.1) AR Trade 3.5 3.4 0.1 Pre-paid Expenses and Other Current Assets 3.4 3.4 (0.0) Inventory 3.2 3.2 0.0 Fixed Assets 3.9 4.0 (0.1) Intangible Assets 3.4 3.6 (0.2) Goodwill 15.8 15.8 0.0 Other Long-Term Assets 2.9 2.9 (0
Slide 67: Gross and net debt
$ billions 16.6 (0.0) 16.6 -3.7 12.9 Mar 31, FX and Other Jun 30, Cash balance Jun 30, 2026 2026 2026 Gross Debt Gross Debt Net Debt 67 | Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million
Slide 68: Net debt / EBITDA and leverage
$ billions Net Debt 15.1 14.6 13.3 12.9 12.9 4.9 4.9 5.3 5.3 EBITDA MAT 4.6 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Debt / EBITDA MAT (x) 3.09 2.95 2.50 2.42 2.84 Leverage 72% 70% 68% 67% 68% Teva's Net Debt/EBITDA MAT covenant ratio limit is 4.25x for Q4 2025 onwards; MAT = Moving Annual Total
Slide 69: Net debt trend
$ billions $35.0 $34.0 $33.0 $31.0 $29.0 $27.0 $25.0 $23.0 $21.0 $19.0 $17.0 $15.0 $12.9 $13.0 $11.0 $9.0 69 | * Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million
Slide 70: Q2 2026 non-GAAP adjustments
$ millions Q2 2026 Amortization 139 Legal settlements 230 Restructuring 38 Impairment of long-lived assets 113 Equity compensation plans 40 Other 54 Corresponding tax effect (17) Total adjustments 597 70 |
Slide 71: Debt maturity profile
$ billions EUR 2.7 USD 2.4 2.1 2.2 2.2 2.0 1.8 0.8 0.5 - - 26 27 28 29 30 31 32 ... 36 … 46 Gross Debt $16.6B Net Debt $12.9B* Duration 5.13 WAC ~4.8% 71 | * Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million
Slide 72: New P&L segment reporting
Q1-25 Act Q2-25 Act Q3-25 Act Q4-25 Act FY-25 Act Rev/OP ($B) Rev/OP ($B) Rev/OP ($B) Rev/OP ($B) Rev/OP ($B) U.S. (incl. Anda) 1.9/0.5 2.2/0.7 2.5/0.9 2.6/1.2 9.2/3.4 Old P&L EU 1.2/0.3 1.3/0.4 1.2/0.3 1.3/0.3 5.0/1.3 IM 0.6/0.1 0.5/0.1 0.6/0.1 0.5/0.1 2.2/0.3 Total Core 3.7/1.0 3.9/1.1 4.3/1.3 4.5
Slide 73: IQVIA NPA TRx data
25,000 20,000 15,000 10,000 5,000 0 73 | Source: IQVIA NPA (TRx normalized into patient months of therapy equivalent volume based on dosing regimen) Jun’26
Slide 74: We are all in for better health
v We are all in for better health
Teva Pharmaceutical Industries — Q2 2026 Earnings Presentation on 6ix